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SeattlebyDesign | Condos & Lofts, Houseboats, Waterfront, & Residential Real EstateSeattlebyDesign | Condos & Lofts, Houseboats, Waterfront, & Residential Real Estate

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How To Buy A House With Cryptocurrency

Representation of various cryptocurrencies on a table
Cryptocurrency

There was a time when cryptocurrency was cryptic (pause for laughs and applause…continue), but now it is widely known and seems to be here to stay. It caught the attention of many an investor. It offered a way of making a good profit. However, as more people have started to take notice, there is a question that begs to be answered. What can you buy with cryptocurrency? In December 2017, a house in Essex was bought for 63 coins. Read that sentence again and imagine reading it back in 2008. There’s no reason why you couldn’t, now, buy a lovely property in Seattle in the same manner. The question is not can a place be purchased with cryptocurrency, but rather, how to buy a house with cryptocurrency? There are advantages and pitfalls, as there always are with these things, so let’s look at how it all works.

Before We Jump In

It could be wise to start with a quick recap of what cryptocurrency is. In essence, it is a payment system that aims to circumvent the need for a central bank or any other form of a third party. The idea is that crypto can be exchanged for goods and services just as readily as fiat money. We are not there yet, as many vendors have reservations about using such currency, but it looks like we are getting there. If you’ve heard of one type of cryptocurrency, you’ve heard of Bitcoin. There are others, of course, such as Ethereum, Dogecoin, and Litecoin. They are virtual currencies, and, as we have established, the real estate industry has sat up and is starting to notice it.

A golden coin with the letter B written on it on top of a hundred dollar bill
Paper money could become a thing of the past with the advent of virtual payments
Pros and Cons

As you can imagine, every type of payment has its advantages and drawbacks. To fully understand what you can do with your cryptocurrency, you need to understand what such transactions entail. Wouldn’t it be great if somebody took the time to serve up these pros and cons in the form of an easy-to-digest bullet point list?

Pros
  • Out with the volatile and in with the stable – Cryptocurrency is prone to daily fluctuations. The reason people get into real estate is that it offers a safer investment. Over time you can expect the value of your property to appreciate. If you’ve made good gains in the cryptocurrency game, it could be prudent to invest it in something more stable now as you think towards the future.
  • Time is money- I have written many articles about buying and selling homes, and I feel like the most space in each of them is taken up by the whole buying/selling process. There are a lot of steps—a lot of places where things can go wrong. Using cryptocurrency, just like bringing an all-cash offer to the table, can speed up the whole transaction.
  • Discount? Well, maybe- This depends on the seller. If they are interested in obtaining virtual currencies, they may find your offer more enticing.
Coins on top of a graph
They say what goes up must come down. When it comes to financial stability, real estate is the safer bet.
Cons
  • The other side of the bitcoin (pause for laughter and applause again and… continue) – The sellers also know that cryptocurrencies are volatile. If they are risk-averse, your offer will fall to the bottom of the pile.
  • Crypto what – The other problem is that many sellers will not know what you are offering them. Finding somebody interested in such a transaction is still a tricky prospect. However, the signs are there that this will change over time.
Let’s Start With the Obvious

Now that we know what to look out for, it’s time to look at how to buy a house with cryptocurrency. They say it’s better to start with the simplest ones first. Therefore, let’s start with actual cash. The easiest option is to convert your cryptocurrency into fiat money. Be sure to find a reliable real estate broker to help with the further steps once that is done.A couple of caveats here. Firstly, the money needs to stay in your bank account for at least a couple of months to be considered an asset. Secondly, this asset could be subject to capital gains tax, so get your financial advisor on the phone.

Bitcoins and dollar bills on a table next to a laptop and some papers
How to buy a house with cryptocurrency? Use it to acquire fiat money. Everybody loves cash offers.
Let’s Move on to the Slightly Less Obvious

As opposed to direct conversion, some companies will happily accept cryptocurrency as collateral to get a loan in fiat money. The same disadvantages are in play, though. The IRS could notice such a substantial amount of money appearing in your bank account. Furthermore, as you can imagine, the interest rates involved are higher than what you would get with a standard mortgage.

Direct Could Be the Best

There is an obvious way around the problems mentioned above. The new issue is that the answer is rare and still hard to come by. If you can find a seller interested in cryptocurrencies (they are out there, and there will be more and more), then a direct transfer of the crypto to the seller is the best bet. In the eyes of some sellers, your offer will be the shiny one that stands out from the pile if they are looking to acquire Bitcoins and such.

An Important Caveat

Assuming you have found a seller who is willing to accept cryptocurrency, the transaction is more than possible. However, while the home purchase may be made in crypto, some other expenses have to be dealt in good, old-fashioned real money. These include title and escrow fees, prepaid, and closing costs.

Although the most significant part will be paid with crypto, there will always be a portion of the transaction that must be made with liquid funds in U.S. dollars. This is typically between 4-8% of the purchase price.

Once the Deal is Done

Hopefully, one of the above methods will let you acquire that dream home. Once that is done, it could be time to move from a decentralized payment method to a more centralized database. What do I mean? It’s time to move to your new home, and for that, you will need a reliable moving company. To find one and make a good decision, you should check the top sites for business reviews that have all the info you will need neatly stored in one place. Here you can read up on feedback from other users to make an informed decision.

The Future Is Here

There you have it, how to buy a house with cryptocurrency! For any other questions, whether you are a buyer or a seller, you know who to contact for the most reliable info. The times are constantly changing; it’s in their nature. Cryptocurrency is here to stay, and with each passing year, we can expect it to be more and more common. At the moment, it may seem cool and even avant-garde to purchase a home with Bitcoins, but this could be commonplace in the not-so-distant future. It pays to know how to pay (final pause for a roaring round of applause sure to follow that comment… and continue) with your cryptocurrency!

Posted in: Cryptocurrency, Education Tagged: #crypto, #cryptocurrency, #realestateeducation, RealogicsSIR, RSIR, SBD, SeattlebyDesign.com

Reviving Your Lawn After Winter

Image of a stressed lawn.
Frozen grass requires reviving your lawn after winter.

If you have prepared your lawn for winter, it will be that much easier to revitalize it in spring. But even if you haven’t, reviving your lawn after winter is a straightforward process. It will take some time and effort, though, so flex your green thumbs and learn how to bring back your Seattle lawn into shape.

Stages of lawn care after winter

Just as your home requires spring cleaning, your lawn craves attention after cold, snowy months. Mid-March is the optimal time to start reviving your lawn, although you should wait for a few dry days in a row to begin. Put the following lawn care tasks on your checklist:

● Raking
● Mowing
● Overseeding
● Aerating
● Weeding
● Fertilizing
● Watering

Timely preparation implies inspecting your gardening tools and confirming they’re in good working order. The best way to ensure every tool is functional and ready for the spring season is to learn the right way to store it over winter. Cleaning the tools and emptying fuel and oil containers is as necessary as dry and clean storage space. Which tools will you need?

● Lawn rake
● Slit seeder
● Manual core aerator (spike aerator) or aerating machine
● Long-handled weed puller
● Push mower, power mower, or mulching mower
● Soaker hoses, drip irrigation system, sprinklers, rainwater collecting system

Service the mower and repair all other tools that have visible signs of wear and tear. The perfect time to do it is while the temperatures are still low. Don’t let the spring surprise you!

Starting a spring cleanup: Raking

As soon as you can tie three dry days by the end of February or the beginning of March, start raking. By the time temperatures have risen enough to start gardening, your lawn should have exposed any potential problems like snow mold and thin spots.

A man and a girl rake the lawn.
Vigorous raking serves to remove the thatch and eliminate moss.

Thatch build-up is responsible for fungal diseases like pink and gray snow mold. Removing the mold is not only important for restoring the infected lawn patches but also for preventing allergic reactions. Although the snow mold dies out when temperatures go up, you can dispose of it sooner. Raking helps revive your lawn after winter by allowing it to dry sooner.

Overseeding bare spots

Raking should give you a clear picture of thin spots on your lawn and break down any large chunks of soil. The empty patches will develop in places where the grass died due to freezing or drowning. Even though you can’t influence how weather impacts your lawn, you can refresh the bare spots by overseeding them.
And although you don’t need any tools to do so, a slit seeder will expedite germination and increase its success. When overseeding your lawn, use native grass seed blends. Choosing Northwest-adapted varieties of grasses like Fescue or Kentucky Bluegrass also improves your home’s energy efficiency by preserving water and fuel used for mowing. Should you need to replace the larger parts of the lawn, resodding service in the Seattle area costs between $1.53 and $1.85 per square foot, depending on the lawn size.

Aerating your lawn

Aeration will loosen the soil and allow the water and oxygen to reach the grassroots through aeration holes. Otherwise, if the soil is already too wet, aeration will help it dry. All you need to do is insert a spike aerator in the ground and wiggle it slightly to raise the soil.

A man inserting a garden fork in the ground.
If done on time, aeration will increase the success rate of compost and fertilizers.

Repeat the process at about every 6 inches until you aerate the whole surface of the lawn. Aerating takes time if your lawn is too big and you do it manually, but you have an option to partner with professionals. Aeration services in the Seattle area range from $80 to $120 per 1,000 square feet of lawn surface.

Fighting weeds and pests

There are a couple of ways to combat weeds in spring. By overseeding and growing a dense lawn, you bring in healthy competition. Use the weed puller to extract stubborn weeds’ roots. Bear in mind that it’s a lot easier to pull them out while the soil is still wet. The last resort is pesticides but be cautious when using chemical weed killers.

According to Seattle Public Utilities (SPU), improper lawn care in Seattle is responsible for the pollution of streams and excessive water consumption. If you do need to use weed killers and pesticides, apply the chemicals in the dosage recommended by the producer and spread it directly over the weed patches.

Grubs vs. Birds

Weeds are not the only ones interested in your lawn in spring. After the winter fasting, your lawn may become a feasting ground for crows and other birds. The good news is that birds will eliminate Chafer beetles and other harmful insects. The downside is that they leave ugly 1-inch holes behind and damage the roots. Metaphorically speaking, you can kill two birds with one stone if you eliminate grubs in the first place.

Chafer beetles have one more natural enemy – nematodes. However, the problem is that you can apply nematodes only once the temperatures rise significantly – in July. So, if you have a grub-infested lawn, prepare on time. Keep your lawn aerated, dethatched, and healthy. Purchase nematodes from April through June in a local gardening center. In the summer, apply nematodes as instructed by the producer and water the lawn regularly. Moreover, Fescue grass doesn’t attract grubs because it doesn’t produce thatch. One more reason to grow native varieties!

A crow on a bright green lawn.
Birds will damage your lawn by digging holes in turf, searching for (and finding) grubs.
Mowing and fertilizing your lawn: when and how

Ideally, you will mow your lawn on the highest setting as soon as it dries after raking. Grass clippings produced this way will not cause thatch build-up. On the contrary, they will get “grasscycled” into free fertilizer. Bi-weekly mowing at two inches is optimal.

The best time to fertilize your lawn is in late April or early May, when grass growth starts to slow down. Whenever you can, use compost, grass clippings, natural organic, or slow-release fertilizers to feed your lawn. If you wish to hand over the lawn care to local experts, know that the bi-weekly moving with fertilization service costs between $30 and $50 for every 1,000 square feet of lawn surface. Consider liming your lawn once every couple of years to restore the optimal pH value of the soil.

How to water your lawn and be eco-friendly

It IS easy being green, so to speak. Do your best to adopt an eco-friendly practice of recycling rainwater and save water you’d use for gardening. Seattle gets about 0.7 inches of rainfall during July and August and about 1.5 inches in June and September. This fact makes rain the most valuable resource for environmentally conscious lawn owners.

Take advantage of the fact that Seattleites can get rain barrels affordably from the SPU. With the right watering system, you will boast a vivid green lawn even during the dry summer season and protect the environment. Remember this while reviving your lawn after winter and collect rainwater while it’s available.

Posted in: Education Tagged: Lawn Care, Realogics SIR, realogics sotheby's international realty, RSIR, SBD, seattlebydesign, SeattlebyDesign.com, SIR, Sotheby's International Realty

Let’s Talk About Earnest Money Deposits

So you’ve just received the exciting news – your offer was accepted! Now you need to get your earnest money deposit turned in to the designated holder by the date outlined in your Purchase and Sale Contract (PSA).

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Posted in: Education, Financial, General Real Estate Information, Lending Tagged: are earnest money payments released, cashier's check, earnest money deposits, how earnest money deposits work, personal check, what are the earnest money deposit options, what form of payment should an earnest money payment be, what happens to my earnest money deposit, wire transfer

Winter Lawn Care: How to Get your Seattle Lawn Ready to Thrive in Spring

Written by Eugene Bryson

Source

Winter won’t last forever. Shoveling snow is part of life in Seattle, but winter is also a good time to get your lawn ready for spring.

Maintaining a healthy lawn showcases your home as a sparkling gem in a golden neighborhood. And with Seattle growing by leaps and bounds, your jewel of a home and yard will stand out for would-be new homeowners.

Here’s how to get your yard in shape for spring and summer:

Continue reading…

Posted in: Education, Home Maintenance Tagged: aerate grass, boost curb appeal, how to get lush grass, how to get perfect grass, how to get the perfect lawn, Prepping your house for Spring, Seattle Yard Care, Winter lawn maintenance, Yard Care in the Pacific Northwest

What to Know About Property Taxes 💲 in Washington State

WASHINGTON STATE PROPERTY TAXES

Taxes for property in the State of Washington are paid in bi-annual installments and based on the calendar year as follows:

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Posted in: Education, Financial, General Real Estate Information Tagged: seattle property taxes, Washington State China Relations Council, Washington state property taxes, washington state tax deadline, when are property taxes due

Annual Waterfront Report

The beautiful landscapes of the Pacific Northwest aren’t complete without our water views. From in-city waterfronts along our lakes and the majesty of the Puget Sound, to Seattle’s iconic floating home communities, there’s nothing like finding a piece of waterfront to call your own.

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Posted in: Education, Market Update, Realogics Sotheby's International Realty, Waterfront Tagged: Eastside, Floating Homes, Floating Homes in Seattle, Houseboats, Houseboats in Seattle, Lake Union, Puget Sound, seattle, seattlebydesign, south lake union, Waterfront, Waterfront Expert

Deeds: Most Common Ways to Convey Title in Washington State

SeattlebyDesign is dedicated to successful outcomes, which often starts with educating our clients.  Today we’re going to dive into the topic of deeds!  Real estate transactions use a variety of deed types to convey title and this blog post identifies the eight most commonly used in WA State. The differences between them are primarily the covenants and warranties conveyed by the grantor—the individual or entity transferring the property—to the grantee, the individual or entity who is receiving it.

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Posted in: Education, General Real Estate Information, Uncategorized Tagged: Convey, Deeds, Home ownership, Property, seattlebydesign, title, Transfer

Flood Insurance: What’s the Law?

Thank you to HomeBridge Financial Service and Branch Manager, Brandon Ehrlich, for providing this easy-to-understand capsule on Flood Insurance.

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Posted in: Education, General Real Estate Information Tagged: FEMA, Flood, flood insurance, HomeBridge Financial, Insurance, mandatory, mortgage, seattle —, seattlebydesign, zone map

Avoiding Transaction Delays

Whether buying or selling a home, reaching mutual agreement is an exciting moment.  While this feels like a victory, there’s an important final sprint to contend with and it takes place accompanied by experienced title and escrow partners.  It is their job to carry out the transaction, per the terms of the agreement, doing their very best to ensure that the transaction closes without a hitch. 

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Posted in: Education, Financial, General Real Estate Information Tagged: buying, close, deceased, escrow, Home Buying, judgments, lawsuits, liens, llc, Real Estate, Selling, smooth, state tax, title, transaction

Carbon Monoxide: a Deadly Danger!

This month, we’re focusing on the dangers of carbon monoxide. Pillar to Post Home Inspectors expertly outlines the dangers and steps homeowners can take to prevent this hazard.

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Posted in: Education, General Real Estate Information, Home Maintenance

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